Among Malaysia numismatic community, many already knew on 27 September 2014, MNP Auctioneers Sdn Bhd will be conducting the 1st public auction of Malaysian banknotes with special serial numbers on behalf of Bank Negara Malaysia. They're some questions that play in our mind about the real purpose of the auction, whether they're selling special serial numbers or provide equal opportunity to public?
The best answer that I can think is that the auction real purpose is to gain profit, the same purpose as the other auctions house around the world. It it wrong to gain profit from auction? In my opinion it is a normal thing, they have done nothing wrong.
However, Bank Negara Malaysia and MNP Auctioneers Sdn Bhd need to look at some of the collectors requirements when selling their collection. At this point, both of them forget or don't care about the grade of the banknotes they're selling. Banknote grading is also an important thing to collectors. They need to clarifies the banknote grade is it Uncirculated or otherwise. The grade of the banknotes are as important as the special prefix numbers. The higher the grade, the better price for the banknotes.
Bank Negara Malaysia and MNP Auctioneers Sdn Bhd also don't understand that pictures doesn't help collectors to decide what are the grade for the banknotes. In their latest statement, MNP Auctioneers Sdn Bhd said that the banknotes to be auctioned will not be available for viewing at their office or during auction. Image of selected banknotes can be viewed at MNP Auctioneers Sdn Bhd website. They don't do any public viewing for the banknotes that they want to auction, its like they want to force collector to gamble for their purchase.
Do they think normal people will buy special prefix for their collection?
I myself never buy any special prefix banknotes for my collection. Special prefix banknotes have their own fan, not everyone collect that kind of banknotes. General Public don't want to waste their money buying a 1 Ringgit notes for RM200, only collectors will do that kind of thing.
Collectors who want to buy the notes need to expect that most of the notes might not be in Uncirculated condition.
Another issue that they might be looking for is that the starting price for some of the notes are very high compare to the current market price but since this is their 1st auction, the result after the auction ended on September 27 will give us the answer.
At this moment, some collector also see this auction as a way to flood the market with special prefix numbers. Do you know how much special prefix numbers in Bank Negara Malaysia Collection? Have you go to Sasana Kijang before and walk under the 1 Million Ringgit tunnel? Can you count how many special prefix numbers in that tunnel itself? Most of the special prefix notes in the tunnel are the 4th series banknotes. Can you guess how much such notes in Bank Negara Malaysia vault?
Other important issue that they need to look at is how their staff handle the banknotes? Do they teach their staff the right way to handle banknotes and do their staff follow what was taught to them?
Bank Negara Malaysia and MNP Auctioneers Sdn Bhd should learn from Mavin International and Monetary Authority of Singapore. Bank Negara Malaysia should make sure the auction are done properly and not only focus on selling special prefix banknotes in their collection.
This is just a free advice from a normal numismatic blogger. I know they don't listen and they don't care because they're expecting people will be buying their items.
Good Luck for the 1st public auction of Malaysian banknotes with special serial numbers to Bank Negara Malaysia and MNP Auctioneers Sdn Bhd.
MNP Auctioneers Sdn Bhd has released some information about Special Malaysia notes auction on 27 September 2014 at Auditorium, Sasana Kijang, Bank Negara Malaysia (BNM), Kuala Lumpur. 231 lots of Fancy Number Malaysian Banknotes (Low Number, Solid and Ladder) will be in the public auction, the first public auction sold on behalf of BNM.
On March 2014, Bank Negara has been inviting Malaysian auctioneers to state their Expression of Interest to be pre-qualified to auction Malaysian Banknotes, you can read them in this article; BNM invites auctioneers to auction Malaysian Banknotes.
On September 10, Bank Negara has released a Press Statement about the auction:
Auction of Malaysian Banknotes with Special Serial Numbers
"Bank Negara Malaysia will be conducting the inaugural public auction of Malaysian banknotes with special serial numbers on 27 September 2014 in the Auditorium Sasana Kijang, Bank Negara Malaysia. The auction will be conducted by the Bank’s appointed auctioneer, MNP Auctioneers (Central) Sdn. Bhd. (MNP).
The purpose of the auction is to provide equal opportunity to all members of the public to obtain these coveted banknotes with special serial numbers such as CC8888888 or AY1234567. These special serial number banknotes command premium in the collectors’ market. The auction will also serve one of the initiatives by Bank Negara Malaysia to promote interest and greater appreciation in numismatics amongst the general public.
The proceeds from the auction will be channelled to support the Corporate Social Responsibility (CSR) programmes of the Bank including the provision of free gadgets to assist the visually impaired and small retailers in identifying and authenticate banknotes. The proceeds will also be used for outreach programmes to educate the public on the techniques to authenticate banknotes and coins as well as the proper handling of polymer banknotes."Source: bnm.gov.my
Before performing the actual auction, MNP Auctioneers will be making a demonstration about the banknote auction process at their MNP’s Kuala Lumpur Office & MNP’s Penang Office:-Demonstration and Understanding of Banknote Auction Process (Kuala Lumpur).
Thursday, 18 September 2014, 10.00 a.m. to 2.00 p.m.
-Demonstration and Understanding of Banknote Auction Process (Penang).
Saturday, 20 September 2014, 10.00 a.m. to 2.00 p.m.
Here are brief summary of the auction:
RM1 notes (53 lots)
Low number (0000001 – 0000010) RM1 notes- RM200.
Solid number (1111111 – 9999999) RM1 notes- RM20-RM180.
Ladder number(1234567 & 7654321) RM1 notes- RM50-RM60
RM5 notes (32 lots)
Low number (0000001 – 0000010) RM5 notes- RM1000.
Solid number (1111111 – 9999999) RM5 notes- RM100-RM150.
Ladder number(1234567 & 7654321) RM5 notes- RM125-RM150.
RM10 notes (21 lots)
Low number (0000001 – 0000010) RM10 notes- RM1050.
Solid number (1111111 – 9999999) RM10 notes- RM150.
Ladder number(1234567 & 7654321) RM10 notes- RM150.
RM20 notes (36 lots)
Low number (0000001 – 0000010) RM20 notes- RM1100.
Solid number (1111111 – 9999999) RM20 notes- RM300-RM500.
Ladder number(1234567 & 7654321) RM20 notes- RM200-RM250.
RM50 notes (74 lots)
Low number (0000001 – 0000010) RM50 notes- RM250-RM2000.
Solid number (1111111 – 9999999) RM50 notes- RM500-RM700.
Ladder number(1234567 & 7654321) RM50 notes- RM250-RM300.
RM100 notes (14 lots)
Low number (0000001 – 0000010) RM100 notes- none.
Solid number (1111111 – 9999999) RM100 notes- RM550-RM1000.
Ladder number(1234567 & 7654321) RM100 notes- RM350.
Auction Of Malaysian Banknotes With Special Serial Numbers
Auditorium, Sasana Kijang, Bank Negara Malaysia
Saturday, 27 September 2014
Session & Time:
Session 1 – 10.00 a.m. – RM1 & RM5 Banknotes
Session 2 – 11.30 a.m. – RM10 & RM20 Banknotes
Session 3 – 12.30 p.m. – RM50 & RM100 Banknotes
Basic Auction Procedures
- Bring along your identity card or passport along with RM300 cash/ bank draft/ cashier’s order, made payable to the auctioneer for registration, recording and verification purposes.
- Bring an authorization letter if you are bidding on someone else’s behalf.
- Upon registration, you will be given a bid paddle affixed with an identification number for bidding purpose – do not lose the paddle as it represents your identity and eligibility to bid.
- Be attentive to the auction time sequence and bidding increments of the Lot(s) that you are prepared to bid for – listen to the auctioneer/auction presenter carefully.
- Raise the bid paddle only when you intend to make a bid. Knocking of hammer by the auctioneer concludes the sale of the particular Lot.
- Return the paddle to collect your RM300.00 deposit refund if you have failed or are unsuccessful during the entire auction.
- Successful bidder will be issued an invoice statement indicating the purchased balance amount and the full payment is to be paid within seven working (7) days from the auction date – arrange with the auctioneer for collection of the winning Lot(s).
- Kindly approach our friendly officers on duty for any assistance and enquiries.
Interested bidders are advised to contact MNP Auctioneers Sdn Bhd or visit MNP Auctioneers Sdn Bhd office for more information. Banknotes to be auctioned will not be available for viewing at our office or during auction. Image of selected banknotes can be viewed at MNP Auctioneers Sdn Bhd website.
All lots sold through floor bidding, telephone or authorized bids are subject to a Buyer's Premium of 15% of the Hammer price, payable by the successful bidder in addition to the hammer price.
I don't see any single ten million prefix note in the auction and I also can see only few AA prefix notes in the auction too (correct me if I'm wrong). Is this a test by BNM before they're making the "real auction" or this is the only Malaysian Banknotes With Special Serial Numbers in their possession? Good luck to all my friends who will be bidding the special prefix notes. You can read more about the auction at MNP website; www.mnp.com.my
I think many of the collectors of old coins in North Malaysia already know Sifu Lim Chee Choong. He is one of the well known coin dealer in Sungai Petani, Kedah. Its already more then 10 years since my last visit to Sungai Petani. Today, Sifu Lim Chee Choong send me information about his little shop via Facebook.
His shop is at Level 2, SP Plaza. You can go there by Keretapi Tanah Melayu KTM train and stop at the Sungai Petani station. SP Plaza is located approximately 1 kilometer from the KTM station. Taxi service is also available at the KTM station.
If you are using your own car, use the old road to Alor Setar from Butterworth, it will be easy for you to find it since the building is on the roadside. If you're using PLUS highway, out at Exit 124, Sungai Petani (North). After exiting the PLUS toll, you can see Kelab Cinta Sayang on the right, take left until you see SP PLaza building.
SP PLaza is just 1 hour drive away from both the Penang International Airport as well as from the Alor Setar Airport.
Lim Chee Choong Shop
address：S29, Tingkat 2, SP Plaza, Jalan Ibrahim, 08000 Sungai Petani, Kedah.
Owner：Lim Chee Choong
FB ID：Lim Chee Choong
Managed by: Evergood Management Service
Opening Hours: Sunday until Friday (2.00pm until 6.00pm)
Sifu Lim Chee Choong sell and buy Malaysia Silver Commemorative proof coins, tin coins, Uncut banknotes, Malaysia coins and banknotes, Malaya coins and banknotes, Straits Settlements coins and banknotes, Jim Notes, Silver Trade Dollar, Foreign banknotes and coins. Coins & banknotes accesories (coin holder, coin album, banknote album, magnifying glass ). He also sell and buy antique watch like Omega Seamater, Omega Geneva, Oris date pointed and rado.